Author: Noel Castellanos

Date: October 31, 2025

Period Covered: October 1-31, 2025

Key Takeaways

Macroeconomic Developments

• Government shut down October 2 after Trump and Congress failed to reach budget agreement, lasting most of the month
• Gold broke through $4,000 per ounce, up 50% year-to-date in one of strongest annual performances in decades
• Carlyle released proprietary employment data during shutdown showing job growth "slowed to a trickle"
• Consumer confidence hit five-month low on job market concerns despite equity market strength

Market Valuation Extremes

• OpenAI completed $6.6 billion share sale at $500 billion valuation despite limited profitability path
• Elon Musk became first person worth $500 billion driven primarily by Tesla appreciation
• S&P 500 closed above 6,700 for first time while gold simultaneously broke through major psychological levels
• Goldman Sachs lifted 2026 gold forecast citing "rising private demand" and Fed independence concerns

Notable Transactions